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Australian FinTech Fat Zebra Acquires Adatree, Marking a New Era in Open Banking

In a strategic move that marks a significant shift in the landscape of financial services in Australia, Fat Zebra, a Sydney-based payment infrastructure provider, has acquired Adatree, a trailblazer in the Australian open banking sector. This acquisition, completed in December 2023, is a clear indication of Fat Zebra’s commitment to enhancing its payment services by integrating Consumer Data Right (CDR)-powered services.

Background on Fat Zebra and Adatree

  • Fat Zebra: Founded in 2012 and supported by Fiserv, a NASDAQ-listed financial services technology giant, Fat Zebra has established itself as a key player in the Australian payments industry. It processes payments for over 30,000 enterprises and manages approximately 250 million e-commerce transactions annually in Australia​​.
  • Adatree: Established in 2019 by Jill Berry, Shane Doolan, and Jason Lamble, Adatree is at the forefront of leveraging the CDR to provide innovative data solutions. As an accredited data recipient, Adatree enables a wide array of use cases, from loan assessment reporting to personal financial management, covering 99.73% of Australia’s household banking market share and recently expanding into the energy sector​​​​.
Fat Zebra fintech company logo

Strategic Implications of the Acquisition

This merger is more than just a business transaction; it represents a strategic bet on the future of data sharing and open banking in Australia. The integration of Adatree’s capabilities with Fat Zebra’s payment processing infrastructure is set to offer enhanced services to clients and partners, driving smarter, data-driven payments​​.

  • Innovation and Expansion: The acquisition paves the way for Fat Zebra to innovate and expand its offerings, positioning the company to play a pivotal role in the evolution of financial transactions. By leveraging Adatree’s expertise in data sharing within the CDR framework, Fat Zebra aims to provide businesses with more robust, forward-thinking solutions​​​​.
  • Industry Impact: The move is expected to have significant implications for the financial services industry, especially in fostering innovation within the FinTech space. The combined strengths of Fat Zebra and Adatree are anticipated to create innovative solutions that could redefine the financial landscape​​​​.
  • Open Banking and CDR: The acquisition aligns with the rapid progress of open banking in Australia. The upcoming Consumer Data Right capability, known as ‘Action Initiation’, will further enhance the ability of accredited companies to initiate actions through CDR, such as payments and account management, showcasing the potential for a more integrated financial ecosystem​​.
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Looking Forward

With all Adatree team members joining Fat Zebra, the unified entity is in a strong position to lead in the smart payment and action initiation space, signifying a new era in financial services​​​​. The collaboration between Fat Zebra and Adatree is not just a merger of two companies but a fusion of vision and technology that could drive the future of open banking and financial services in Australia and potentially beyond.

This acquisition is a clear signal that the future of financial services in Australia is data-driven, with open banking at its core, fostering a more innovative, efficient, and consumer-friendly financial ecosystem.

Overcoming Challenges and Seizing Opportunities

As Fat Zebra and Adatree embark on their joint journey, they face a landscape filled with both challenges and opportunities. Integrating Adatree’s sophisticated data-sharing capabilities with Fat Zebra’s robust payment processing infrastructure will require overcoming regulatory hurdles and technical complexities. However, the potential to redefine the financial services sector through innovative, data-driven solutions presents a significant opportunity for growth and expansion.

  • Regulatory Landscape: Navigating the Consumer Data Right (CDR) framework’s evolving regulations will be crucial. The Australian government and the Australian Competition and Consumer Commission (ACCC) are actively refining the CDR to enhance data quality and simplify the consent process, addressing issues such as data accuracy and consumer dropout rates​​.
  • Technological Integration: Merging two distinct technological platforms offers a chance to innovate but also requires meticulous planning to ensure seamless integration. This process includes harmonizing Adatree’s data access and analytics with Fat Zebra’s payment systems to create a unified, efficient offering.
  • Market Expansion: The acquisition opens up new market opportunities, especially in sectors where open banking has yet to fully penetrate. Fat Zebra can leverage Adatree’s connections to 114 banking data sources and its expansion into open energy to explore new use cases and services​​​​.
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The Future of Open Banking in Australia

The Fat Zebra and Adatree merger is more than a business acquisition; it’s a strategic move that could significantly influence the trajectory of open banking in Australia. With the global financial industry increasingly moving towards data-driven and customer-centric models, this merger positions the combined entity at the forefront of the Australian market.

  • Enhancing Customer Experiences: By integrating CDR-powered services, Fat Zebra and Adatree can offer more personalized and efficient financial services. This approach not only benefits consumers through improved financial management tools but also enables businesses to gain deeper insights into their customers’ needs and preferences.
  • Spurring Innovation: The combined strengths of Fat Zebra and Adatree set the stage for the development of new financial products and services that leverage real-time data access and analytics. This innovation can drive competition in the Australian financial sector, encouraging other companies to adopt open banking principles to remain competitive​​​​.
  • Broadening the Impact of CDR: The success of this merger could serve as a catalyst for the broader adoption of CDR across various sectors, extending beyond banking and energy to include telecommunications, insurance, and more. As the ecosystem matures, the potential for creating a more interconnected and efficient market increases, benefiting consumers and businesses alike​​​​.


The acquisition of Adatree by Fat Zebra represents a pivotal moment in Australia’s financial services industry. It reflects a strategic bet on the transformative power of open banking and the Consumer Data Right to deliver more innovative, customer-focused financial solutions. As Fat Zebra integrates Adatree’s open banking technology, the potential to reshape financial services through enhanced data access and analytics is immense. This merger not only signals a new era for the companies involved but also for the Australian financial landscape, promising a future where financial services are more accessible, transparent, and tailored to individual needs. The journey ahead for Fat Zebra and Adatree will be watched closely by industry observers and could set new benchmarks for innovation and customer service in the fintech sector.

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